Wix CEO Avishai Abrahami goes one-on-one with Jim CramerWix Co-Founder and CEO Avishai Abrahami joins 'Mad Money' host Jim Cramer to talk implementing AI, Wix Studio and more.
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Avishai Abrahami, Jim Cramer Wix, Jim Cramer
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWix.com CEO on demand for website development and cloud softwareAvishai Abrahami, CEO of Wix.com, discusses demand for web development, artificial intelligence, and cloud-based software.
JERUSALEM, Feb 22 (Reuters) - Wix.com (WIX.O), which helps small businesses build and operate websites, said on Wednesday it swung to a profit in the fourth quarter and forecast 9-11% growth in revenue in 2023.
The Israeli company said it earned 61 cents per share excluding one-time items, compared with a loss of 34 cents per share a year earlier.
Wix was forecast to earn 9 cents a share ex-one off items on revenue of $352 million, according to data from Refinitiv.
Wix said it was implementing further cost saving measures, and expected total savings of $200 million in 2023 and $215 million of annualized savings.
Analysts are projecting first-quarter revenue of $366 million and full year revenue of $1.511 billion.
Activist Commentary: Starboard is a very successful activist investor and has extensive experience helping companies focus on operational efficiency and margin improvement.
Starboard has had a notable track record with web applications companies going back to 2004 with their 13D investment in Register.com.
Starboard has extensive experience in helping companies optimize growth and margins, typically from a board level.
There is one other similarity between Wix and many other Starboard activist positions.
Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and he is the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments.